U.S. Silica in Secondary Stock Issue

A sizable block of U.S. Silica stock is coming on the market. Current shareholder GGC USS Holdings, an affiliate of private equity concern Golden Gate Capital, will float 10 million shares of the firm's common stock in an underwritten public offering. Additionally, the company's underwriters will be granted a 30-day purchase option for up to an additional 1.5 million shares.

In the press release announcing the news, U.S. Silica stressed it will receive no proceeds from the issue, as it is not the selling party.

The joint book-running managers of the offering are Bank of America's Merrill Lynch, the Securities arm of Wells Fargo, Leucadia's Jefferies, Morgan Stanley, and Simmons & Company International.